Kingfisher House sold for 52 crores after the auction failed eight times

Finally, Vijay Mallya’s property was sold

Fugitive businessman Vijay Mallya’s Kingfisher House has finally been sold. Kingfisher House has been sold to a Hyderabad-based developer for Rs 52 crore. According to the report, Hyderabad-based Saturn Realtors has bought this property at a price much lower than the original asking price. The selling price is about a third of its reserve price of Rs 135 crore.

Traders have to struggle a lot in auctioning Vijay Mallya’s properties. The valuation of Mallya’s properties is being done by the banks, no property is being bought at that price. The auction of Kingfisher House property also failed 8 times. In March 2016, banks had kept the reserve price of this building at Rs 150 crore. This is the reason why this building was not sold till now.

Let us tell you that Vijay Mallya has been declared a willful defaulter and the Government of India is trying to extradite him from England in the loan default related to Kingfisher Airlines which was closed in 2012. Vijay Mallya was declared bankrupt by the London High Court in July this year. After this decision, Indian banks will be able to easily take possession of Vijay Mallya’s property and will also be able to sell it.